Stocks rallied to fresh record territory on Friday, the first session after the United States-Mexico-Canada Agreement sailed through the U.S. House of Representatives. The trade deal now heads to the Senate, where it's expected to pass before being sent to President Trump.
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|I:COMP||NASDAQ COMPOSITE INDEX||11880.633754||+25.66||+0.22%|
Along with trade, solid economic data helped Wall Street's mood. The final reading of third-quarter gross domestic product, released Friday morning, showed the U.S. economy expanded at a 2.1 percent pace, matching expectations of economists surveyed by Refinitiv. The reading was unrevised from the second estimate, released last month.
After the closing bell, President Trump tweeted about the "big stock market uptick today" while taking a jab at CNN.
Seven Dow stocks, including Apple, Microsoft and United Health were trading in record territory.
|UNH||UNITEDHEALTH GROUP INCORPORATED||335.06||+0.36||+0.11%|
Dow heavyweight Boeing slipped after its Starliner capsule failed a maneuver needed to reach the International Space Station. Following the news, United Airlines announced it was pulling the Max Jet through June, another setback for the embattled planemaker.
Also, Spirit Aerosystems was lower after Boeing directed the supplier to stop deliveries of all 737 Max components starting Jan. 1 amid uncertainty over the timeframe for the aircraft's production freeze. Spirit receives more than 50 percent of its revenue from the 737 Max.
|SPR||SPIRIT AEROSYSTEMS HOLDINGS INC||34.96||+2.53||+7.80%|
Looking at earnings, Nike was little changed after the sneaker giant reported better-than-expected second-quarter earnings and revenue. It was the final report under CEO Mark Parker, who will step down from his role on Jan. 13. He will remain executive chairman.
Trucking giant Knight-Swift warned its fourth-quarter earnings would fall short of previous expectations due to an oversupply of truckload capacity.
On the commodities front, gold was flat at $1,484 an ounce and West Texas Intermediate crude oil was down 0.7 percent at $60.75 a barrel.
U.S. Treasurys were lower, causing the yield on the 10-year note to climb by 2.7 basis points to 1.935 percent.
All three of the major averages finished in record territory on Thursday, the session after the U.S. House of Representatives voted to impeach President Trump. The Dow Jones Industrial Average booked its first close of up 10,000 points since Trump's election win on Nov. 8, 2016.
In Europe, markets were higher across the board with Germany's DAX and France's CAC both higher by 0.7 percent. Britain's FTSE gained 0.1 percent after the Bank of England named Andrew Bailey its next governor.